The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1887-08-31
a BIG FAILURE.
An Extensive Coal and Iron Firm Makes an
Assignment-I.iabilities 81, 100000.


PHILADELPHIA. Aug. 30-Ths morning the
announcement was made that Robert Hare Pow
ell & Co. and Robert Hare Powell's Sons & Co.,
the great coal mining firms of No. 419 Walnut
street. had failed. and the street neces-
sarily startled. The failure was admitted by
Mr.. John c. Bradley, who is the manager and
partner in both firms. He stated that the fail
ure was the result Of the suspension OF Charles
E. Pennock, of Coatesyile, extensive IRON
plate merchant, whose paper bore the indorse-
ment of the firms, Robert Hare Powell & Co.
and the junior one of Robert Hare Powels
Sons 81 Co. The liabilities he placed at 81 $780,.
600, which is assumed to be
the aggregate amount for which they
became the indorsers of Pennock's notes that
were protested yesterday; while the assets. con-
sistng of vast tracts of valuable coal lands and
appurtenances, are fixed at 81, 600, 900. The
Guarantee Trust Company has been made as
sgnees. and Mr.. Bradley at l o'clock in con-
sultation with President Cochran. of that inst-
tuition. 1t generally believed that the
assets of the two firms far above the labil-
ties and that the course adopted OF assigning
the estate was the wisest to meet all legitimate
claims and prevent sacrifices. The following
circular has been prepared by Messrs Powell &c
Co., and has been issued to their creditors, who
are not many in number, but are generally large
to amounts:
''rhe inability of the firm of Charles e. Pen
mock u Co. to meet its paper maturing to-day. OF
which we this morning apprised has made
1t necessary for in the interest of our credit
ors and ourselves. to make an assignment. We
have accordingly conveyed property and
claims to the Guarantee Trust and Safe Deposit
Company of this CITY. The Indebtedness of the
two firms is estimated at $157S 0OO The assets
tad Wa do lis ar
time when we might. at some loss or risk, con-
tinue our business, but believe it wiser to
place our affairs in such shape as to secure not
only those to whom we are indebted but also to
ourselves valuable property. Our object
is to extension, and this,
if granted, will enable us, we believe. to
pay all that is due, principal and interest. Our
paper has not been protested, and our wages
accounts are settled ND to last settlement date.
We propose to send you statement exhi Hitting
Cur assets and liabilities In a short time. AS
property is extensive. in use at any places,
and should be appraised by disiuterested ex-
perts. cannot expect to have detailed de-
scription of it prepared at once, but the work is
progressing, and we will, think. have one
ready in twenty days. In the meantime we
herewith report to you the preliminary estimate
made up from our books to-day. We are adj
vssd that you are, by our present action, more
fully protected than you could be in any other
way. and We ask your indulgence for the time
necessary for TO make the exhibit proposed,
and proposal of terms of settlement"
In answer to inquiries by a repo rter, a mem
Der Of the firm said: "Our course in this mat
ter is simply due to the fact that we do not pro-
pose to pay other peoples paper. We have done
what satisfied is best for creditors.
who are few numerically, but whom we
large amounts. Our assets much more than
sufficient to meet our liabilities. may be
by our circular. We have one of the best plants
and most valuable properties in the world. Here
statements for the 26th 9th and 2Sth of the
present month from our furnaces For the Goth
the production of iron was 7O3 tons at $40 per
SO sSn on the the 18th 2h tons at tons 50 s at
This is a showing that will be appreciated by air
iron men as a remarkably good one. The ca
pacity OF our plant Is about %. 900 tons a year,
the profit on which is from So to s. per ton.
We have just completed second furnace, du-
picate of the old one. that would have doubled
capacity. This would have gone into opera
ton the first of September; perhaps it may
yet At any rate, we shall continue our opera
tons We must 90 on; we cannot stop. We
have on hand now orders for 30, 900 tons. We
mine our own ores, make our own coke, and pay
nothing into the purses of others. numbe of
bankers and men of extensive business connec-
tons have been in the Office this morning and
have agreed with US that We must continue our
works"
The firms of Robert Hare Powell & Co. and
Robert Hare Powelfs Sons q Co. consists of
Robert Hare Powell. Devereaux Powell, Henry
Barring Powell and John c. Bradley The first
named organized in 1855 by Robert Hare
Powell, and engaged in the coal business
At Mr.. Powells death. several years ago, thu
surviving partners organized new firm known
as hoDorC mare IOWoll 8 Sons % Co., winch Oper-
ated the extensive furnaces built by Mr. Powell
The firm of Robert Hare Powell & Co. was COM
posed of Robert Hare Powell and John C. Brad
ley, brothers-in-law. The senior Robert Hare
Powell was at the head of the semi bituminous
coal business in Pennsylvania, which he may
be said to have originated since April 1856 In
1868 it decided to work the multiplying in
terests under the State laws governing ncorpor-
ated bodies, and the concern became the Powell
ton Coal and Iron Company, the senior partner
of the present firm still being the active head.
Having secured important anthracite interests
in Schuylkill county. the enlargement of bust
liz. 600 tons of anthracite sold, making a
tonnage of 295 6S3 tons for that year. The Phil
adepha & Reading Coal and Iron Company in
1872 took all the anthracite operations under
their control, and the firm found it to their in
terest dispose of their operations in this
quarter.